How Digital Payment Done in FASTag

FASTags are stickers that facilitate prepaid payment of toll charges. These rechargeable tags are used by private and commercial vehicles to pay for the toll tax. It enables an automatic deduction of payment without manual intervention. FASTag for cars and heavy vehicles is affixed on a vehicle’s windscreen. While crossing the toll plaza, the amount gets deducted from the account after quick scanning.

FASTag works through the RFID or Radio-Frequency Identification technology. It is operated jointly by National Highways Authority of India (NHAI) and National Electronic Toll Collection (NETC).

How to purchase a FASTag?

FASTags are readily available on Point-of-Sales basis, and certified financial institutions can also offer this facility to their customers. Individuals can purchase it from various e-commerce websites too.

Moreover, applicants have to provide their valid driver’s license, address proof, registration documents of their vehicle, and valid KYC documents. Upon producing valid documents, financial institutions issue a valid FASTag.

Apart from that, individuals can download MY FASTag app on their mobile phones and then submit the necessary documents online

How to recharge a FASTag account?

Individuals can recharge their FASTag for cars via debit or credit cards, UPI, net banking, mobile wallet etc. They can also use a cheque for this purpose.

On the other hand, a more convenient option is to link the FASTag account with various accounts in financial institutions. Users can keep sufficient balance in the linked account, and the toll will be deducted from there.

Based on the balance users maintain in their FASTag accounts, it is divided into two types, these are –

Accounts which have a cap of Rs.20,000 are called limited KYC FASTag accounts.
However, accounts with an upper limit of Rs.1 lakh are known as full KYC FASTag accounts.

Individuals must note that one FASTag cannot be used with two or more vehicles. Additionally, vehicle owners can avail a road trip cover to protect their financial interests during a trip.

Read Also: FASTag - How the Contactless Digital Payment Tag Works

Comments

Quick Guide For Zero Depreciation In Car Insurance

Some parts of your car face wear-and-tear faster than the others and these parts are often referred to as depreciated parts. Once you file for an insurance claim, the insurance company deducts a value equal to the depreciated value of all such parts and does not settle your claim in full. The parts that are made up of rubber, plastic, fiber, etc. fall in this category. If you want to avoid this deduction from the final claim amount, you can avail of a zero depreciation car insurance cover. It is also known as nil depreciation cover as it nullifies the deduction from the claim amount due to the deprecated components of your vehicle. The benefits of a zero depreciation car insurance policy are stated below: Comes at a reasonable price If you have already purchased a comprehensive car insurance policy, you can avail of a zero depreciation car insurance cover at a nominal price. It is because it is an add-on insurance policy that only enhances your claim amount to reduce the part of the

Necessary Information On Hospital Cash Insurance Plan

Medical treatments these days are a matter of the huge amount of money. And if you need quality treatment facility from the super-specialty hospitals and clinics you need a medical insurance plan for you and your family. If you are planning for the medical insurance plan with hospital cash cover , then be sure to consult with the best insurance plan provider. Let us discuss in details. Financial companies such as reputed NBFC Bajaj Finserv and other insurance companies have their own health insurance policies that range from smaller amounts of bigger amounts. All these medical policies fall under the pocket insurance policy scheme. It gives clients the facility to get benefits with minimum investments. The procedure is quick and does not require lengthy documentation. You can get a higher amount of money with such hospital cash insurance to continue medical treatments even for critical patients. Just make sure you read the policy details clearly before you in

Stay Protected on the Road- Understanding the Importance of acko car insurance

Having a car insurance policy is essential for every car owner. It not only provides financial protection in case of any damage or loss but also ensures a safer driving experience. Acko is one of the leading car insurance providers in India, offering a wide range of insurance plans to suit the needs of all car owners. In this article, we will be discussing the importance of Acko car insurance in India and how it helps to stay protected on the road. We will also look at the various benefits and features of Acko car insurance policies that make them an ideal choice for car owners. Understanding the Importance of Acko new car insurance in India As the number of vehicles on Indian roads increases, so does the number of accidents and other related incidents. Traffic jams, road rage, and bad driving habits are some of the major causes of accidents. It is important for drivers to stay safe on the road, and to do so, they must have a car insurance policy. Acko new car insurance is one of

All Insurance News and Plans

Search This Blog